Oil falls more than 1% on reports of possible US-Iran ceasefire deal
Traders said a 60-day extension could reopen shipping through the Strait of Hormuz, easing the risk premium after volatile sessions.
- On Friday, Brent crude futures for July fell 35 cents, or 0.37 per cent, to $93.36 a barrel, reacting to reports of a potential U.S.-Iran ceasefire extension.
- Sources told Reuters on Thursday that the U.S. and Iran reached an agreement to extend their ceasefire for 60 days, though President Donald Trump has yet to approve it.
- Vice President JD Vance told reporters Washington was "not there yet" with Iran regarding an agreement, citing sticking points on enriched uranium stockpiles.
- Prices have swung by as much as $6 in recent sessions due to conflicting signals regarding the three-month Iran war and potential reopening of the Strait of Hormuz.
- Oil trading advisory firm Ritterbusch and Associates noted the market remains sensitive to Middle East headlines, while UBS analyst Giovanni Staunovo cited ongoing sensitivity to regional news.
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